COSCO Shipping International *Official* (SGX: F83)

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http://www.businesstimes.com.sg/com...co-shipping-rises-73-to-25-year-high-of-s0585
Hot stock: Cosco Shipping rises 7.3% to 2.5-year high of S$0.585
Tue, Nov 14, 2017 - 10:14 AM UPDATED Tue, Nov 14, 2017 - 6:07 PM Navin Sregantan navinsre@sph.com.sg

SHARES in Cosco Shipping International (Singapore) Co rose by as much as 11.9 per cent on Tuesday morning to hit a 2.5-year high, continuing a week-long surge.
Cosco shares eventually closed at 58.5 Singapore cents, up four cents or 7.3 per cent, from its previous close on Monday, which itself represented a gain of S$0.105 or 23.9 per cent up on its Friday close.
The stock has gained 54 per cent over the past week, and 95 per cent over the past two weeks.
The stock's current rally occurred shortly after Chinese shipbuilder Yangzijiang Shipbuilding reported better-than-expected third-quarter earnings.
That was also just after Cosco - which provides ship repairing, ship building, and marine engineering services primarily in China and Singapore - announced a S$488 million cash buyout at S$1.02 per share of Singapore-listed logistics firm Cogent Holdings which was announced separately alongside its third-quarter earnings on Nov 3.
That offer represented a 5.2 per cent upside for Cogent's shareholders based on the 97 Singapore cents price of the stock before the bid was announced.
Cogent's shares closed at S$1.01 on Tuesday.
Cosco's gains have also come on the heels of the company having divested its shipyard business and its plans to buy Indonesian shipping logistics company PT Ocean Global for S$14 million in a cash deal.
After markets closed yesterday, Cosco announced that Wang Kang Tian was appointed as its new chief financial officer (CFO), replacing Liang Jianfeng who had been its acting CFO.
Mr Wang was also appointed as Cosco's chief risk officer and will hold these positions concurrently.

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http://www.businesstimes.com.sg/com...s-jan-5-deadline-for-cogent-privatisation-bid
Cosco Shipping sets Jan 5 deadline for Cogent privatisation bid
Fri, Nov 24, 2017 - 8:14 AM Jacquelyn Cheok jaccheok@sph.com.sg

COSCO Shipping International has issued formal offer documents for its S$1.02 per share bid to privatise Cogent Holdings, setting a Jan 5, 2018 deadline for Cogent's minority shareholders.
In a filing with the Singapore Exchange on Friday, Cosco Shipping said that the formal offer documents will be despatched to shareholders of Cogent Holdings on Friday.
It added that acceptances of the offer must be received not later than 5.30pm on Jan 5.
Cosco Shipping had announced on Nov 3 that it is acquiring Cogent for S$488.07 million. The aggregate number of Cogent Holdings shares held by the four undertaking shareholders - Tan Yeow Khoon; Tan Yeow Lam; Tan Min Cheow, Benson; and Ng Poh Choo - amount to S$403.5 million, representing about 84.33 per cent of all Cogent shares in issue.
The rationale for the acquisition is to acquire control in one of Singapore's leading full service, integrated logistics service providers with a track record of over 40 years, said Cosco Shipping.
It expects to leverage its holding company China Cosco's existing logistics business platform to potentially develop new business opportunities in the logistics sector in South-east Asia, taking advantage of the "Belt and Road Initiative".
Cogent said last week that it has appointed CIMB as the independent financial adviser for the offer. CIMB's opinion is expected within two weeks of the despatch of the offer document.

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http://www.businesstimes.com.sg/com...n-cogent-buy-out-bid-fair-and-reasonable-cimb
Cosco's offer price in Cogent buy-out bid 'fair and reasonable': CIMB
THU, DEC 07, 2017 - 6:58 PM ANNABETH LEOW leowhma@sph.com.sg

COSCO Shipping International's bid to take Cogent Holdings private comes at an offer price that is "fair and reasonable" under prevailing conditions, the independent financial adviser for the deal has said.
CIMB Bank has also advised that the independent directors recommend shareholders accept the offer of S$1.02 a share, or sell their shares in the open market if they can receive a higher price.
Cogent's independent directors agreed with this assessment, according to a circular that the company filed on the Singapore Exchange website on Thursday.
CIMB, which was appointed independent financial adviser to Cogent's independent directors, noted that Cogent's shares have not traded at or above the offer price in the past three years.
It added that "the offer price represents a significant premium of approximately 261.3 per cent over the net asset value per share" of 28.23 Singapore cents as at Sept 30.
Cogent closed flat at S$1.01 on Thursday, before the announcement. Meanwhile, Cosco was down 2.5 Singapore cents, or 5.16 per cent, to S$0.46, on a turnover of 18 million shares.

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